The Bailout Bill Will Pass Tomorrow…

…I 100% guarantee it.  It’s a five-star lock.  Of course, it’s the Senate that’s voting tomorrow, and not the House, and the Senate would have passed this bill, or even the original Paulson plan, at any time.  Furthermore, the bill can’t even originate in the Senate, so they’re pulling some shenanigans to vote first, apparently [...]

So, The Bailout Failed And The Stock Market Tanked…

…and the world holds its breath waiting for what tomorrow brings.  What we do know is that there will be no action (at least, no floor vote) until Thursday at the earliest, when Congress reconvenes due to the Jewish holiday. However, there is every reason to question what will change between now and then to [...]

I’m Gonna Pull An Obama Here…

…and say that I can’t say whether I’ll support the bailout plan up for a vote tomorrow because I haven’t seen the language (there is a DRAFT of the plan up here, but I don’t know whether it’s the final language, and it’s awfully long)…but I think I would probably say yes.  My biggest gripe [...]

So, What Did I Miss Last Night?

Oh, right, the debate thing…well, obviously I guessed wrong and it did happen.  Sorry to go MIA there…I’ll update later with my impressions.  Yours?… UPDATE 12;32 p.m.: It appears that Obama was perceived by most independents as the winner, but the general feeling overall, outside of the hardcore partisans, is that it was close to [...]

No Deal, No Debate

That appears to be the smart bet after this memo from the McCain camp was released: To address our current financial crisis, John McCain suspended his campaign and returned to Washington, D.C., today to help build a bipartisan consensus for a proposal that would protect the American taxpayer. Despite today’s news reports, there never existed [...]

Where Do We Stand? Ask Me In Five Minutes…

In the face of constantly changing and almost diametrically opposed headlines, it’s almost impossible to guess where the bailout talks stand.  I was preparing to follow up on an article that said McCain would probably attend the debate anyway (my guess is he will) because it looked like a deal is imminent, Other articles describe [...]

Possible Breakthrough On Bailout Compromise?

In the midst of everything else, mixed signals are floating about that a compromise may have been reached with Senate Democrats and Paulson on a bill to be introduced Thursday that will include an equity provision, but not the provision allowing bankruptcy judges to alter mortgage terms: Senate Democrats emerged from a meeting Wednesday with [...]

Events Are Moving Fast Now…

…faster than a part-time blogger can keep up with, so I’ll put down some thoughts and update with more later. First, the President’s address. One thing is for sure – the situation is grave indeed to get a sitting president to come on TV and say the American economy faces a complete meltdown.  I have [...]

Did Bernanke Save The Day For Plan Paulson?

The Secretary of the Treasury got a very uncivil reception from the Senate today, as clearly congressional constituents have sent a flood of emails and other communications critical of the Paulson bailout (look at the hurry to pass the plan after Thursday’s closed-door emergency meeting, and contrast that with everyone’s “hold on just a minute” [...]

Towards A Better Bailout

Congress began putting its own touches on the now-quite-controversial Paulson plan, with some good and some bad results, unsurprisingly: Senate and House Democratic leaders said on Monday that they had reached an agreement on their conditions for approving a $700 billion rescue plan for the financial system, including more oversight of the program and a [...]

No Deal!

I’m picking up Krugman’s rallying cry, as bizarre as that is for me to type, and saying, “No Deal”, but I no longer feel like a lone voice in the wilderness.  Opposition to the Treasury bailout is growing (whether fast enough to derail the proposal after the scare tactics of Paulson and Bernanke is debatable).  [...]

Hold The Phone – I Agree With Krugman! (Bonus: Open Letter!)

There are few issues that can bring me to break bread with Paul Krugman…but we’ve found common ground on our opposition to the Treasury bailout/power grab as currently proposed.  Here’s Krugman: I hate to say this, but looking at the plan as leaked, I have to say no deal. Not unless Treasury explains, very clearly, [...]

Not A Trillion – A Mere $700 Billion

The proposed legislation is out.  More later…but at first glance, it’s a blank check straight out of your pocketbook. And when I say blank check, I mean that literally.  There are no controls whatsoever over the authority this gives the Secretary of the Treasury, other than the incredible $700,000,000,000 limit on funds.  (Yep, that’s what [...]

More Thoughts On The Great Bailout of 2008

First of all, let’s try to go into this with our eyes open.  We are on the hook for hundreds of billions of dollars – maybe even a trillion: Congressional leaders emerged from an emergency meeting Thursday night vowing bipartisan cooperation on a massive financial bailout plan, but it may not be that easy: Conservative [...]

I Have A Lot Of Debt Of My Own…

…and I’m not wanting to take on any more.  It’s bad enough that the government is running huge deficits again under George W. Bush, a Republican president (and one whom I mostly admire), but now the taxpayer is being asked to shoulder the burden of bad decisions made by multi-millionaire executives and billionaire hedge-fund operators.  [...]

The McCain Bounce Has Pretty Much Evaporated…

…and the polls are in a statistical dead heat, with Obama typically leading in the most recent ones (maybe I should say the Palin bounce has evaporated).  I think Obama has gotten off the defensive, and wisely moved beyond Palin to McCain’s ‘lies and distortions’.  It’s a wise tactic because (a) attacking Palin wasn’t working, [...]

These Are Trying Times For A Free-Market Capitalist…

…as are all periods of slowdown.  People love the free market when times are good, like the Internet boom, when every third person thought he was a financial genius and opened an E*Trade account, and they all become socialists as soon as things go bust.  Indeed, it’s a bit remarkable that it is under a [...]

McCain “Swiftboated”, But Where’s The Outrage?

My liberal readers and other ‘progressives’ love to laugh at the faux (allegedly) outrage conservatives have been expressing during this campaign during such episodes as l’affaire lipstick (an admittedly silly trifle).  However, we all remember their own howling (past AND present) over the ‘Swiftboat’ campaign against John Kerry.  The pertinent thing to remember about that [...]

More Remembrances Of Wallace

I really don’t know at this point if I’m just talking to myself or not, but one reason to have a blog in the first place is to write about things you are passionate about, so I hope you’ll indulge me once more as I remember the brilliant David Foster Wallace, a suicide by hanging [...]

Well, This Is Not Good…

It’s been a weekend of bad news, overall (with the exception of my Red Raiders creeping into the USA Today Top 10 – go Tech!).  Of course, we all know about Ike, and I’ve blogged at length on the horrible news of the suicide of the brilliant and influential David Foster Wallace…now comes more terrible [...]